Over $5 Billion Cheque-Bounce Hits China-Pak Corridor Contractors: Report

0
55
Loading...
Islamabad: 

A number of road projects in the $52 billion China-Pakistan Economic Corridor are facing hurdles as Pakistan’s National Highway Authority faces a financial crisis, the Pakistani media reported today.

Pakistan-based newspaper Dawn cited sources as saying that contractors stopped work on several CPEC projects after their cheques worth over Rs 5 billion bounced a couple of days ago.

The affected projects include Hakla-Dera Ismail Khan, Western Route of CPEC and all sections of the Karachi-Lahore Motorway.

The CPEC passes through Pakistan-occupied Kashmir. It connects Kashgar in western China with Gwadar port in Pakistan, spanning 3,000 kilometres.

According to the report, not only the CPEC projects but local industries related to construction and a large workforce of engineers and labourers were also hit by the situation.

NHA spokesman Kashif Zaman said the authority issued cheques of Rs 5 billion on June 29 to the firms against the sanction by the government.

The affected…

Read More

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here